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Owner Carry Financing in the SAFE Act and Dodd-Frank Act Era

Co-Author: Julie A. Jacobs, Psy.D., J.D. Part II: Owner Carry Financing and Prepayment Penalties under the Dodd-Frank Act The Consumer Financial Protection Bureau (CFPB) promulgated a far-reaching new regulation in January, 2013, which will become part of the current Regulation Z. A portion of the regulation implements section 1414 of the Dodd-Frank Act which limits prepayment penalties … Continue Reading

Owner Carry Financing in the SAFE Act and Dodd-Frank Act Era

Co-author: Peter G. Sotiropoulos Part I: Owner Carry Financing under the SAFE Act Few people dispute that overzealous lending contributed to the financial crisis of the late 2000’s. Through the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), … Continue Reading

Compensation of Mortgage Loan Originators Under the Dodd-Frank Act

Co-Author: Peter G. Sotiropoulos Part I: Brief Overview This article addresses the effects of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (“Dodd-Frank”) on the compensation of mortgage originators (defined below). This, Part I, provides a brief overview of the new regulations, while Part II discusses specific compensation options for brokerage companies. Dodd-Frank is a … Continue Reading

Compensation of Mortgage Loan Originators Under the Dodd-Frank Act

Co-Author: Peter G. Sotiropoulos Part II: Questions and Answers about Lender-Paid Compensation Question 1: May a brokerage company contract for different compensation arrangements with different lenders? Yes, as long as the company pays its mortgage originators in a certain way. Pursuant to Dodd-Frank, Title XIV, Section 1403, “for any residential mortgage loan, no mortgage originator shall … Continue Reading

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